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China still faces huge pressure on employment and will further stabilise the job market, the Chinese state media reported on Friday, citing a statement from China’s cabinet, per Reuters.

China will further promote the development of the new energy vehicle industry, the statement further read.

Market reaction

These comments don’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 futures were up 0.4% on the day at 3,451 and major European equity indexes were trading little changed.